The Income Tax Department has set the Cost Inflation Index (CII) for the financial year 2025-26 at 376. This crucial index helps taxpayers determine long-term capital gains (LTCG) on asset sales by adjusting the original purchase cost for inflation. The announcement was made on July 1, 2025, and the new index will be effective from … Read more
Finance Minister Nirmala Sitharaman is set to meet with top officials from the Income Tax Department on June 23, following her recent engagement with indirect tax officials. This high-level meeting aims to tackle pressing issues like delayed income tax refunds, a backlog of legal disputes, and improving overall administrative accountability. Key Discussion Points A major … Read more
Income Tax Department Nudges Crypto Investors: Declare Your Virtual Digital Assets (VDAs) Now The Indian Income Tax Department (ITD) is intensifying its focus on cryptocurrency gains, urging thousands of investors who haven’t declared their Virtual Digital Assets (VDAs) to rectify their income tax filings. This proactive measure is part of the ITD’s “NUDGE” campaign, emphasizing … Read more
NRI Wins Major Capital Gains Tax Case in Delhi High Court! An NRI in the US faced a significant tax ordeal after selling a property in Pune for Rs 2 crore. Despite the buyer correctly deducting 20% TDS (Rs 18.68 lakh), a critical error in the TDS form plunged the NRI into a battle with … Read more
The Goods and Services Tax Network (GSTN) is rolling out a significant update to the GSTR-1 form, effective from the May 2025 tax period. This change aims to streamline GST data, boost transparency, and improve tax administration. What’s Changing in GSTR-1 Table 12? The biggest change is the bifurcation of Table 12 into two distinct … Read more